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Junk: HUB megadeal prices; Fortrea joins calendar; Ryman adds; funds add $2.5 billion
By Paul A. Harris and Abigail W. Adams
Portland, Me., June 8 – HUB International Ltd. priced Thursday’s sole dollar-denominated high-yield deal, a downsized $2.18 billion issue of seven-year senior secured notes (B2/B) that came at par to yield 7¼%.
The yield came at the tight end of yield talk in the 7 3/8% area. Initial talk was in the mid-7% area.
Although it was widely known in the market that the company was keen to secure a rate of 7¼%, there was pushback, especially from one of the big, real-money accounts in the deal, the trader said.
Fortrea Holdings Inc. began a roadshow for a $570 million offering of senior secured notes due 2030 (BB/BB+). The company is in the market with initial guidance in the high-7% to 8% area.
Meanwhile, it was a quiet but firm day in the secondary space as market players awaited the deals in the pipeline.
Ryman Hospitality Properties, Inc.’s newly priced 7¼% senior notes due 2028 (B1/B+) were in focus with the notes continuing to add after a decent break.
O-I Glass, Inc. subsidiary Owens-Brockway Glass Container Inc.’s 7¼% senior notes due 2031 (B2/B+) saw heavy volume although with little movement in price.
High-yield mutual funds and ETFs eliminated the previous week’s multi-billion-dollar outflow with $2.5 billion entering the space in the week through Wednesday’s close, according to the Refinitiv Lipper Fund Flow report.
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